Environmental governance and management are described in TD’s Environmental Policy.
The Environment function reports on an annual basis, or more frequently as required, to the Risk Committee of the Board of Directors on TD’s significant environmental risks and opportunities, and performance, including corrective action for continual improvement. A member of the bank’s senior executive team, Mike Pedersen, is designated as TD’s Senior Executive Environmental Champion. He chairs an enterprise-wide Environmental Steering Committee (ESC) composed of senior executives from TD’s main business segments and corporate functions. The ESC is responsible for approving environmental strategy and performance standards, and communicating these throughout the business. TD’s business segments are responsible for implementing the environmental strategy and managing associated risks within their units.
The Chief Environment Officer reports into the senior executive team. The Chief Environment Officer is responsible for developing and implementing environmental strategy, setting environmental performance standards and targets, and reporting to the Risk Committee of the Board of Directors on the performance of the environmental management system (EMS), which is based on ISO 140001:04 and includes corrective action for continual improvement. Our key environmental impacts of greenhouse gas emissions and paper are independently assured by Ernst & Young, LLP. An internal audit of the EMS is conducted as part of TD’s rotational audit plan.
In line with TD’s approach of embedding the environment in our business strategy, more than 40 executives within the bank participate in environmental working groups aimed at moving forward initiatives relating to:
Reducing our operational footprint;
Managing environmental risk;
Greening our brand and developing green product options for our customers; and,
Engaging our employees and communities.
All executives who are directly responsible for environmental management have performance objectives that are linked to annual compensation.